Bitcoin Smashes Through $80,000 as Ethereum and XRP Surge on $170M Short Liquidations

Bitcoin has broken through the $80,000 barrier, while Ethereum and XRP have surged by 4% in value. Market commentator Bull Theory reported that over $170 million in shorts were liquidated in just 60 minutes.

The sharp increase in value comes as investors await the Federal Reserve's plans to inject $16.5 billion into the economy starting Friday, with liquidity hitting markets over three consecutive weeks.

Scott Melker, host of The Wolf of All Streets podcast, pointed out that Bitcoin has maintained its price despite a rate hike and the defeat of the CLARITY Act, and is now up 32% this quarter. He believes that bad news no longer matters for the cryptocurrency's price.